The End of an Era

                                         "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.” – Warren Buffett

Mr. Buffett, who wrote those words in 1996, clocked out on his final day at the office on 31 December 2025, wrapping up a tidy seventy-year career as an investor and business executive.  Widely acknowledged as one of the most successful investors of modern times, he adhered to a simple investment philosophy throughout those seventy years.  That philosophy can be summarized this way: Buy solid companies with good prospects selling at low prices and hold onto them for the long term.

Notably, he shied away from the high-flying technology companies and focused on more predictable sectors such as insurance, railroads, energy, and consumer goods.  He knew that, in the end, market discipline and patience would win out.  It is hard to predict how his investment company, Berkshire Hathaway, will fare without the Oracle of Omaha at the helm.  But some investors have already registered their opinion on this topic by selling their shares in the company.  Berkshire stock is down 6% since Buffet announced his retirement in May.

                                       “The stock market is a device for transferring money from the impatient to the patient.” - W.B.

 In his case, patience has certainly been rewarded.

 1 January 2026